HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Announcement 2014–20, page 1027. The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the Internal Revenue Service (IRS), which are set out in Title 31, Code of Federal Regulations, Part 10, and which are published in pamphlet form as Treasury Department Circular No. 230. The regulations prescribe the duties and restrictions relating to such practice and prescribe the disciplinary sanctions for violating the regulations.

Announcement 2014–21, page 1030. This announcement contains corrections to the final and temporary regulations (TD 9658) that were published in the Federal Register on March 6, 2014 (79 FR 12726). The instruction in the temporary regulations to amend § 1.6045–1T is incorrect. Instead, § 1.6045–1T is added.

Rev. Proc. 2014–30, page 1009. This revenue procedure provides the 2015 inflation adjusted amounts for Health Savings Accounts (HSAs) under section 223 of the Internal Revenue Code.

Notice 2014–31, page 1006. This notice extends the guidance provided in Notice 2012–45 regarding the treatment of income from certain government bonds held by certain active banks for purposes of determining whether a foreign corporation is a passive foreign investment company (PFIC) to taxable years of foreign corporations beginning in 2014, 2015, and 2016.

Finding Lists begin on page ii. Index for July through May begins on page iv.